Navitas buys SiC position with GeneSiC acquisition
Navitas Semiconductor, a leading supplier of gallium-nitride power devices, has acquired silicon-carbide pioneer GeneSiC Semiconductor for approximately $250 million with an additional $25 million payable if certain conditions are met.
“Navitas has significant investments in global sales, operations and technical support teams, along with system design centers in EV and data centers. These capabilities are a perfect complement to GeneSiC and will further accelerate their growth in both synergistic and new customers and markets,” said Gene Sheridan, CEO and cofounder of Navitas.
GeneSiC has more than 500 customers, Navitas said.
Navitas GaN ICs are optimized for 400V electric vehicle systems while GeneSiC technology is suitable for 800V EV systems, with existing revenue and development customers which include BYD – the world’s largest EV supplier, Land Rover, Mercedes AMG, Geely, Shinry, LG Magna, Saab, and Inovance.
Navitas posted a net profit of US$33.8 million on sales of US$8.6 million in the 2Q22. Net revenues for the quarter increased 58 percent from the second quarter of 2021. The profit was based on a revaluation of earn-out liabilities and the company made an operational loss of $20.0 million, compared to a loss of $18.6 million in the second quarter of 2021.
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